GCC Citizens fear probability of another rent hike

An Omani national, based in Doha, Dr Dawood Balushi, said that, as the Summit Declaration has granted permission to GCC citizens in carrying on business transactions and owning commercial or residential properties in member-countries without restrictions, it could lead to further increase in demand. This in turn would contribute to inflationary pressure, in short term, as increased demand in real estate could further lead to short-term price escalations.

A Saudi citizen welcomed the setting up of common market, and said the intra-regional trade would get boosted, and the mobility of skilled manpower in the region would increase.

Another Omani citizen based in Doha, is of the opinion that an integrated Gulf economy would be able to successfully tackle the challenges faced by globalization. However, at an individual level, GCC citizens are easily able to gain access into member-countries and are eligible for social security benefits. Hence, as people are now moving about within the region without any restrictions, and are able to carry on businesses and invest in land and property, real estate prices are likely to go up again during the next couple of years. Hence, forming a GCC Parliament and uniform judiciary, is now a necessity, as currently, there is only an Advisory Committee at the GCC Secretariat-General, which is not as effective. A regional parliament would help in drafting uniform laws for execution in member-countries, he said.

Posted on 8/12/2007

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